Europe PMI Downturn Eases, but Recession Continues
The good news for Europe is that the region’s drop in PMI weakened in May. The bad news is that the figure is at a level that continues to show an overall economy on the brink of, if not in, a deep recession. Markit reported on manufacturing in Europe:
The eurozone manufacturing downturn eased for the first time in four months in May. Moreover, all sub indices from the latest survey improved on the earlier flash estimates except suppliers’ delivery times
At a 15 month high of 48.3 in May, up from April’s four month low of 46.7, the seasonally adjusted Markit Eurozone Manufacturing PMI indicated the slowest pace of contraction since February 2012. Business conditions still deteriorated overall. However, with the current downturn extended to a twenty second month.
PMIs for all of the nations covered by the survey signalled weaker rates of contraction in May. The Markit Eurozone Manufacturing PMI signalled the…
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